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In a 2015 survey conducted by the CIDCO revealed that there are around 300 illegal buildings spread across Navi Mumbai. The government body took an action against unauthorized constructions by demolishing them as most of them were under construction. With illegal buildings getting constructed in some areas of Navi Mumbai, how would you determine the legality of a property in Navi Mumbai?
Below are the given checklists to know if the property is legally clear:

Check agreement papers:

While buying or investing in a property in Navi Mumbai, you need to verify the original title deeds, building approval papers or occupancy certificate. In addition, a potential home buyer need to ensure all documents are legally approved, stamped and registered. If it is a resale property in Navi Mumbai, remember to check the transfer deeds and share certificate.

Encumbrance Certificate:

When it comes to buying a property in Navi Mumbai, encumbrance certificate is mandatory. The certificate is issued by the concerned Sub-Registrar, which is used in property transactions. It is basically a proof that the builder has a complete ownership of a property without any legal issue. A property dealer is mandated to submit 10-15 years of encumbrance. For buyers applying for a home loan, this certificate is compulsory when you buy or sell a property. To confirm about the encumbrance, you can ask for up to 30 years of encumbrance to be checked.

Approvals from leading banks:

Confirming legality of property in Navi Mumbai can also be judged if a particular project has got the approval from banks. If the property dealer has all the vital documents in place, which have received legal clearance from banks, then you can go ahead with the plan of buying a home.

Examine construction area:

There are times when buildings are constructed illegally, hence confirm with the builder about the sanctioned area of construction. Do a comparison between the build up area and the sanctioned area. This will help you to understand whether the property in Nani Mumbai is completely legal or not.

Registered society:

A home is the most valuable investment of your life and that’s why it is necessary to make sure that it is a registered society. Often, people who are less equipped with the knowledge of home buying procedure get tangled in real estate troubles like investing in unauthorized buildings, thus resulting loss of time and money. It is recommended to choose registered society to save yourself from the hassles of illegal constructions.

So, the next time you’re stuck to determine whether a property in Navi Mumbai is legal or not, these are points you need to remember.

It is said that 2017 is the best period to invest in a new home in Navi Mumbai. Leading banks like SBI, ICICI and HDFC have lowered their interest rates on home loans. It’s not just the monetary benefit associated with property investment, even some changes in real estate regulations would work in favour of home buyers.

The recent budget 2017-18 announced the rule of infrastructure status to affordable housing, which has resulted in higher demand and pushing the sales of apartments in Navi Mumbai. Even developers felt the pinch of the new rule and constructing properties where affordable housing has a high demand.

RERA (Real Estate Regulatory Act) which came into force on 1 May 2017 will restore the confidence of consumers in the market. In fact, this new regulation will also aid to bring transparency in the construction of properties. Whatever information given by the developers regarding the amenities and facilities of the township, RERA makes it mandatory for developers to offer the same as promised. RERA commits to assure customers of timely delivery and unparalleled quality.

In addition, the upcoming taxation system called GST (Goods and Services Tax) will come into effect in July 2017. The new tax regime will replace service tax and value add tax. These regulations will have a positive impact on the real estate as a whole. In fact, by taking into account all these changes, home buyers will be encouraged to invest in a new home in Navi Mumbai. And, undoubtedly 2017 is considered as the best time to make your investments count.

If you’re still wondering whether you should invest in a new home? Then choose Navi Mumbai for your dream home. Here’s some fact to clear your confusion. In 2014 and 2015, around 16,000 units have been sold in the Mumbai Metropolitan Region (MMR). Put your worries to rest by choosing profitable locations like Kharghar, Dronagiri, Panvel, Taloja, Ulwe, among others.

It is recommended to give less preference for under-construction properties considering the delays and tumultuous nature of the real estate in India. When you’re looking for home in Navi Mumbai, opt or ready-to-move apartment which has a tax benefit on home loans, zero delivery risk and promises a good return on investment.

Navi Mumbai will continue to be a trending location due to significant infrastructure developments like the airport, metro railway and ease of transport, which makes it an attractive location among home buyers.

Investing in a second home is everyone’s dream, but very few manage to buy one. Though, the sentiment of owning a second home has persisted for ages, however, it is slowly becoming a trend among elite investors and middle class. Several potential home buyers are putting money into vacation homes to finance long term needs and converting it into primary homes for the golden years.

The demand for buying second homes in India is growing among NRIs, making it a profitable market segment among developers. In 2015 alone, more than 2 million vacation properties were purchased as indicated in a research report conducted by the National Association of Realtors.

Alternate income earnings:

Once you buy a second home in Navi Mumbai or Mumbai, you are bound to get advantage of gaining extra income in the form of home stays or short term rents. The first thing you need to make sure is the location you have chosen is a relaxing place – lush green surrounding featuring world-class amenities– which calms down the stress of the visitors. Additionally, you need to place emphasis on how the location rental price will help you earn more.

For your retirement years:

If you do not wish to give the home for rental purpose, then it is a perfect abode for you to spend your retirement years peacefully in your second home. The rent received from the home will secure your future financially in the later years. Many people buy a second home for the sole of making it into primary homes after retirement.

Tax efficiency:

The rent received from the second home can be used for paying interest of the home loan you have taken for the flat you’re staying in.

If you are living in a home for which you have taken a home loan, a tax deduction up to
Rs. 1,50,000 is applicable under the section 80C of income tax act. In case you have invested in a second property, which is under construction then get a deduction on 20% of total interest paid. The concession on interest rate is applicable for a period of five years.

While investing in a second home in Navi Mumbai or Mumbai, make sure you have enough capital in place for managing expenses as well. Think well before making an investment decision.

Investing in real estate in your twenties is tough considering money is the most important constraint. If you’re one of the few lucky people, who have inherited a large sum of money from your folks, then investing in property is easy. Today, investing in real estate is more precious than putting money into gold. It’s true that the risk associated with property investment is larger, but this could turn into a valuable asset in the future. We help you to know whether it is good decision to invest in real estate, read further to know more.Regular cash flow:
Whether you’re seasoned or first time real estate investor, make sure you have set your priorities. As a young property investor, you may be having several goals and one of them could be attaining consistent cash flow or capital gains. One way to generate capital gains is to buy a property that has low retail value in the market and then selling it at a higher price. For judging the price fluctuations, make sure you are aware of the price rise that may vary depending on the market conditions.

Huge return on investment/ Appreciation:
When you’re in 20s, real estate investment gives you the opportunity to earn extra income. Don’t let any money sit idle, it is advisable to invest in property. You can gain decent profit by holding properties for a few years. Depending on the location advantages and market conditions, make sure you’ve picked a perfect property that yields maximum profit. However, it is good to remember that this industry should be looked at as a long-term investment.

More time to learn:
As a young investor, you have ample of time to learn and assimilate knowledge on investing. If you’ve done any mistake, you have more time to recover from the loss incurred. Being an expert in real estate gambling game is all about learning new things. In fact, if you have acquired the right skills and applied the tactics about investing, then you can also become a consultant in the long-run advising people on the profitable opportunities.

Tax advantages:
For working professionals, investing is also way to save on income tax. Just like Public Provident Fund (PPF) and Insurance, which help to prevent tax cut, you are eligible for tax exemption on interest if you have invested in second property. In case, more than one borrower is involved in the investment, tax exemption option is granted individually.

Build Wealth & retire early:
Most of the times, the pervasive reason behind investing in real estate is accumulating wealth. If you’re passionate about this field, then you will be able to find and quickly resell to end users or to investors. This is one of the best ways to build wealth and opt for early retirement achieving financial independence. You are assured of getting steady income for a lifetime.

When deciding to invest in a risk market, it is necessary that you have the required information and a strategy in place before making any move. Being extremely competitive and challenging, you need to keep in mind that not every investment will be successful, but eventually some may bring out positive results. If you have decided to invest in property then it is important to remember that good investments take time.

Whether you are looking to invest for a dream home or want capital gains, check out Akshay Argade, which offers amazing opportunities to invest in residential properties.